Oil & GAS




 

Types of Oil Coverage Provided by gig

We can Quote for the following risks :-

  • On-shore & off-shore control of well “Exploration & Development”
  • Oil & Gas production Equipments & facilities including pipelines ,tanks farm, terminals, production platforms, sea lines production facilities, petrochemicals plants ,fertilizer plants,  LPG & LNG Plants.
  • Oil refining & downstream facilities.
  • Drilling units including Jack UPS, drilling ships, Semi Mearsable drilling units and off-shore barges.
  • Oil & Gas Pollution liabilities.

Oil Facilities Construction

  • Coverage of all relevant oil and or gas production facilities including Gas Liquefaction  plants and piping off shore works as follows  .
  • Physical loss and damage
  • Liabilities (legal and contractual)
  • Debris removal
  • Sue & Labor expenses
  • Expenditures (expediting expenses, additional work, forwarding charges, etc.)

KEY COVERAGES
OFFSHORE

  • Physical loss and damage
  • Liabilities (legal and contractual)
  • Wreck/ Debris removal
  • Delay in Start-up (Coverage Extension)
  • Sue & Labour expenses
  • General Average and Salvage
  • Expenditures (Cancellation costs, failure to launch, expediting expenses, additional work, forwarding charges, Evacuation, etc.)

BASIS OF RECOVERY UNDER WELLCAR POLICY

  • Repairs/Replacements – ‘new for old’ at place of loss
  • Betterment excluded
  • Expediting expenses
  • Unrepaired damage – estimated costs
  • Total loss – incurred costs
  • Liabilities – as legally determined

POLICY EXCLUSIONS (1)

  • Penalties for delay, non completion or non compliance with contract conditions
  • Loss of use
  • Delay in startup –if not separately purchased
  • Performance guarantees
  • War Risks (fixed property)

 

POLICY EXCLUSIONS (2)

  • Contractor’s property
  • Employers’ liability
  • Control of Well
  • Health hazard exposures
  • Loss of hole/reservoir
  • Products

Underwater Activities

A VARIETY OF RISK EXPOSURES
OFFSHORE PROJECTS

CONSTRUCTION INSURANCE - WHY INSURE?

  • Project Economics ?
  • Project Development - What’s the risk?
  • Contractual Liability - Where are the    exposures?
  • Construction Insurance - Should we      insure?
  • Broker Selection - Who is best for the job?
  • CAR Insurance – what cover do you get?
  • Cover Options - Do we need it all?
  • Project progress - What can go wrong?

This is what should look like

 

Jack Up Drilling Unit Insurance

 

 

What cover suit jack up’s

  • Physical damage during drilling operations /towage-wet or dry  / stacking .
  • Loss of use /hire
  • Liabilities
  • Political risks
  • Cost of control – for turnkey wells

 

Why Jack Up’s

  • Relatively Shallow Water (up to 350 ft)
  • Dependant upon Leg length
  • Classification Society and local Rules
  • Smaller than Semis
  • Bottom bearing units
  • Only floats when moving location
  • Smaller crews
  • Dayrates less than semis

 

Cost  of Well  Control Insurance

• Main Cover :

• Control of wells insurance

• Re drilling extra expenses

• Seepage , pollution and contamination

• Sub cover :

• Making well safe

• Deliberate well firing

• Care , custody & control

• Evacuation expenses

• Increased cost of re drilling

• Underground blowout

B.O.P should be installed into wellhead to prevent
blowout and cap the undesirable pressure from reservoir